Miko set to raise Rs 28 Cr in Series C round

Robotics firm Miko, a product of Emotix, is raising Rs 28 crore ($3.3 million) as part of its Series C round. This new tranche comes just three months after its previous tranche for the Mumbai-based startup.

In August, it raised Rs 20.5 crore (approximately $2.5 million) in a new round from a group of angel investors at a valuation of $200 million. Entrackr exclusively reported the development then.

The board of Miko has passed a resolution to issue upto 924 Series C CCPS at an issue price of Rs 3,02,694.58 each aggregating to Rs 27.96 crore to IvyCap Ventures Trust Fund III, in one or more tranches.

The company will deploy funds for business requirements and for general corporate purposes including inter alia for funding continued research and product development, sales and marketing cost and operating expenses and working capital.

Miko specializes in emotionally intelligent robots, integrates artificial intelligence (AI) and the Internet of Things (IoT) into its flagship products: Miko, Miko 2, and Miko 3. Following the success of its first-generation robots, the firm introduced an advanced version equipped with voice-recognition technology, enabling the devices to see, hear, sense, express, talk, and recognize faces.

The company claims to serve customers across 140 countries, including regions like the US, Europe and the Middle East.

To date, Miko has raised over $60 million, including a $29 million Series B funding round led by IvyCap Ventures in 2021. According to startup intelligence platform TheKredible, prior to this round, Chiratae Ventures held the largest external stake at 13.77%, followed by IvyCap Ventures with 13%.

While Miko’s Indian entity has yet to file its annual financial report for FY24, its revenue from operations surged 137.5% to Rs 225.6 crore in FY23 as compared to Rs 95 crore in FY22. The company’s losses also rose 39% to Rs 107.7 crore in FY23.

Miko competes with  PlayShifu, Avishkaar, and WitBlox, among others.